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December 2016

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The board of directors of Wal-Mart Stores, Inc. has announced the election of Greg Penner, who previously served as the board’s vice chairman, to the position of board chairman, Walmart .said in a statement.

Penner takes over from his father-in-law Rob Walton, 70, who served as chairman of the board since 1992 and will continue to serve as a director.

“This transition demonstrates Walmart’s commitment to long-term succession planning and keeping high calibre, capable leaders at the head of our company,” said Walton. “Greg’s service to Walmart spans more than 15 years, and during that time he has had a significant impact, both as an associate and as a board member the past seven years. Greg has done an outstanding job as our vice chairman over the past year, and he has provided strong leadership and guidance as the chairman of our technology and e-commerce committee since it was formed in 2011. He brings an ideal blend of finance, technology and international business expertise – as well as a deep knowledge and love of Walmart – to this role.”

“It would be impossible to overstate Rob Walton’s impact on Walmart and how personally committed he has been over the years,” said Penner. “I’m deeply honored to follow in his footsteps and recognize the deep responsibility I have to our associates, all shareholders and the board.”

Penner, 45, began his career at Goldman Sachs & Co. as an analyst specializing in corporate finance. He then joined Walmart as a management trainee and held a number of positions throughout the company, including senior vice president of finance and strategy for Walmart.com and senior vice president and CFO – Japan. Penner joined the Walmart board of directors in 2008.

In addition to the board’s leadership changes, the company is also realigning the composition of its board committees so that most of the independent directors will serve on at least two board committees for sound corporate governance. (SH)